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Global Oil & Gas Pumps Market Forecast 2023-2028: Analysis of Emerging Trends, Technologies, and Case Studies of the Projected $10.9 Billion Industry
Global Oil & Gas Pumps Market
Dublin, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The "Global Oil & Gas Pumps Market by Type (Submersible, Non-submersible), Pump Type (Centrifugal, Positive Displacement (Screw, Reciprocating, Progressive Cavity), Cryogenic), Application (Upstream, Midstream, Downstream) and Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global oil and gas pumps market is estimated to grow from USD 8.7 billion in 2023 to USD 10.9 billion by 2028; it is expected to record a CAGR of 4.7% during the forecast period. Expansion in exploration activities, especially in unconventional sources, necessitates specialized pumping technologies, fostering growth in the oil and gas pumps market.
Submersible pumps: The fastest segment of the oil and gas pumps market, by type
Based on type, the oil and gas pumps market has been segmented into submersible and non-submersible pumps. The submersible pumps segment is expected to be the fastest segment during the forecast period. Submersible pumps are preferred in scenarios where fluid sources are deep underground or space for pump installation is restricted. Their high efficiency, directly linked to electric motors, minimizes energy wastage. These pumps accommodate high flow rates, making them ideal for large-scale oil and gas production.
Positive displacement pumps segment is expected to be the second largest segment during the forecast period based on pump type
By Pump type, the oil and gas pumps market has been split into three types: Centrifugal Pumps, Positive Displacement Pumps, and Cryogenic Pumps. The positive displacement pumps segment is expected to hold the second largest market share during the forecast period. Positive displacement pumps function by capturing and displacing a consistent volume of fluid with each cycle, ensuring a steady flow rate unaffected by system pressure variations. Unlike some pumps, they employ rotating or reciprocating mechanisms to deliver fluid to specific applications. These pumps are favored for conveying high-viscosity liquids at lower flow rates while maintaining high pressure levels.
By Application, Downstream segment is expected to be the second fastest growing segment during the forecast period
Based on the Application, the oil and gas pumps market is segmented into upstream, midstream, and downstream. The downstream segment is expected to be the second fastest growing segment of the oil and gas pumps market during the forecast period. Downstream activities in the oil and gas industry encompass operations that occur post-midstream, after crude oil transportation but before final product sales. This phase involves refining crude oil into various by-products like gasoline, natural gas liquids, and diesel, managed by refining companies. Companies engaged in downstream activities handle the refining, marketing, distribution, and sale of oil's end products.
Asia-Pacific is expected to be the fastest region in the oil and gas pumps market
Asia-Pacific is expected to be the fastest region in the oil and gas pumps market during the forecast period. In the Asia-Pacific region, despite having less than 9% of global proven reserves, there's significant focus on redeveloping and rehabilitating existing oilfields. Anticipated growth in oil demand is driven by population growth, industrialization, and advancements in technology enabling deepwater and ultra-deepwater drilling. The region's increasing energy consumption and ongoing infrastructural development further contribute to the expansion of the oil and gas market in Asia-Pacific.
Research Coverage
The report defines, describes, and forecasts the global oil and gas pumps market by , storage form, technology, application, and end-user. It also offers a detailed qualitative and quantitative analysis of the market. The report comprehensively reviews the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the oil and gas pumps market.
The oil and gas pumps market is dominated by a few major players that have a wide regional presence. The leading players in the oil and gas pumps market are Atlas Copco AB (Sweden); Flowserve Corporation (US); Sulzer Ltd (Switzerland); KSB SE & Co. KGaA (Germany); Nikkiso Co., Ltd. (Japan). The major strategy adopted by the players includes new product launches, partnerships, acquisitions, and investments & expansions.
Case Study Analysis
Chevron Optimizes Pump System Performance with Integration of Variable Speed Drives
BP Minimizes Downtime with Installation of Intelligent Pump Monitoring Systems
ExxonMobil Reduces Environmental Impact by Utilizing Solar-Powered Pumps
Market Dynamics
Drivers
Continuous Shale Development Activities
Rapid Expansion of Gas Terminals
Increased Global Demand for Oil
Restraint
Increasing Focus on Use of Renewable Energy
Opportunities
Discovery of New Oilfields
Ongoing Pipeline Infrastructure Development Projects in Asia-Pacific and Middle East
Challenges
High Competition and Volatile Crude Oil Prices
Difficulties in Reducing Delivery/Lead Time
Technology Analysis
Variable Speed Drives (VSDs)
Submersible Pumps
Intelligent Pumps
Robotics and Automation
Key Attributes
Report Attribute | Details |
No. of Pages | 200 |
Forecast Period | 2023-2028 |
Estimated Market Value (USD) in 2023 | $8.7 Billion |
Forecasted Market Value (USD) by 2028 | $10.9 Billion |
Compound Annual Growth Rate | 4.7% |
Regions Covered | Global |
Companies Mentioned in the Report
Atlas Copco AB
Baker Hughes Company
Designed & Engineered Pumps
Ebara Corporation
Flowserve Corporation
Gardner Denver
Gorman-Rupp Pumps
Halliburton
HYDROMASHSERVICE
ITT Goulds Pumps
KSB SE & Co. KGaA
Leistritz Pumpen GmbH
Nikkiso Co. Ltd.
Schmitt Kreiselpumpen
Seepex GmbH
Sulzer Ltd
Trillium Flow Technologies
Tsurumi Manufacturing Co. Ltd.
Wilo SE
Xylem
For more information about this report visit https://www.researchandmarkets.com/r/fxmoui
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